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Benefits of Working with a Buyer's Broker
Dated: July 29 2022
Views: 80
Working with a great buyer's broker (buyer's agent or sometimes selling broker) can really be beneficial when searching for a new home. Assuming these relationships are set-up properly, they have tremendous potential. Some people think it may be more a hassle than anything, but here are a few reasons why I recommend everyone have their own representation:
They have a fiduciary duty to you They look out for your best interests as if they were their own. Certainly some brokers take this more seriously than others, but a great broker will look after you like family. Make sure you understand your Agency Agreement in the event they have a conflict or find a FSBO (For Sale by Owner). You want them to still represent you first.
You don't have to pay them directly 99% of the time, the buyer's broker is paid by the listing brokerage firm, who in-turn is paid by the seller. Sure they're paid from the proceeds of the sale and off of the purchase price, but going in to the listing broker directly almost never saves buyer money because that listing broker has a fiduciary duty to the seller and probably won't want to re-negotiate their commission. Be careful and understand your Agent Agreement in the event the listing broker doesn't offer much to your broker - be sure you won't be responsible for the difference.
Find more properties New, coming soon properties are often discussed at weekly sales meetings and from investors. Brokers can help you get this inside track on new properties. Additionally, brokers have a little better search tools, updates, details than what be seen on the public side. A dedicated search assistant can really help you find the perfect home.
Property tours & better access By scheduling a property tour and viewing several homes at once, it's easier to compare apples to apples. Most buyers report they can get a better understanding of a market then seeing it through the eyes of a different broker for each property on different days. More flexible showing times, consistency and direct access means schedules that work for you too.
In exchange for a great buyer's broker, most will ask you to commit to them that if you find a house you agree to use them to negotiate for you. If your broker isn't responsive or a professional negotiator, consider giving us a call to see our top service in action - we promise you won't be disappointed.
Justin Berry
Justin Berry is a highly experienced and accomplished real estate broker with a strong track record of success in the Denver area and neighboring foothills. With over 18 years of experience in the ind....
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